Martin v Lowry (HM Inspector of Taxes): KBD 15 Jun 1925

The taxpayer had other business, but purchased a substantial quantity of cloth and resold it. He said this was not by way of trade. The Revenue said that he had used all the standard trade practices, and it was taxable as such.
Held: The transactions were taxable.

Judges:

Jowett J

Citations:

[1926] 1 KB 550

Statutes:

Income Tax Act 1918 149

Cited by:

Appeal FromMartin v Lowry (HM Inspector of Taxes) CA 1926
The appellant purchased the entire stock of government surplus aircraft linen. He had another main business and had intended to resell it immediately. When that failed to promise a profit he set out to sell and sold the material over several months . .
At first instanceMartin v Lowry (HM Inspector of Taxes) HL 7-Dec-1926
The taxpayer had purchased the entire war-surplus of aircraft cloth, expecting to sell it in one go at a profit. When the sale fell through, he sold it off, at a considerable profit, in a large number of smaller transactions. He argued that he was . .
CitedFHR European Ventures Llp and Others v Cedar Capital Partners Llc SC 16-Jul-2014
Approprietary remedy against Fraudulent Agent
The Court was asked whether a bribe or secret commission received by an agent is held by the agent on trust for his principal, or whether the principal merely has a claim for equitable compensation in a sum equal to the value of the bribe or . .
Lists of cited by and citing cases may be incomplete.

Income Tax

Updated: 07 May 2022; Ref: scu.235899